Virtual CFO Services – How to hire a qualified interim CFO

The answers you need before hiring an interim CFO

Business Meeting (Photo credit: thetaxhaven)

If you’ve thought about using virtual CFO services, I recommend doing due diligence on your candidate and asking the following questions. The qualified interim CFO you choose should be able to respond positively to 90% of the qualifications listed below.

Does the virtual CFO have experience in delivering clean, lean Executive Summary financial information, with commentary regarding tracking and trends, so that the CEO can easily understand where his company stands and what the numbers mean to make informed decisions?

Is the virtual CFO candidate willing to discuss the two or three most challenging situations he or she has worked on and how those challenges were resolved on behalf of their clients?

Does the virtual CFO have experience in working with bankers, lawyers, outside accountants and other professional service providers on behalf of the company he serves? If so, what did that experience entail – i.e. experience in mergers and acquisitions?

Has the interim CFO worked side-by-side in the trenches with CEOs and done the job he was needed to do? Does he have proof of the CEO’s satisfaction through a series of outstanding references given across time and industry?